PRATT INSTITUTE

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1887

Legal Domicile

Principal Officer

FRANCES BRONET

Phone

7186363600

Tax Period

2023-07-01 to 2024-06-30

PRATT INSTITUTE, founded in 1887, is a major nonprofit in the Education sector that reported $398.1M in total revenue in fiscal year 2023. Revenue grew 18% year-over-year, indicating healthy expansion. The organization ran a surplus of $62.5M, a strong 16% operating margin.

Mission

THE MISSION OF PRATT INSTITUTE IS TO EDUCATE ARTISTS AND CREATIVE PROFESSIONALS TO BE RESPONSIBLE CONTRIBUTORS TO SOCIETY. FOR MORE INFORMATION, SEE SCHEDULE O.

Program Service Accomplishments

Program 1

Expenses: $187,979,135 Revenue: $286,916,672

INSTRUCTION: PRATT INSTITUTE IS ACCREDITED BY THE MIDDLE STATES COMMISSION ON HIGHER EDUCATION, AN INSTITUTIONAL ACCREDITING AGENCY RECOGNIZED BY THE US SECRETARY OF EDUCATION AND THE COMMISSION ON RECOGNITION OF POSTSECONDARY ACCREDITATION. THE INSTITUTE OFFERS 5 ASSOCIATE, 27 UNDERGRADUATE, AND 36 GRADUATE DEGREE PROGRAMS IN ART, DESIGN, ARCHITECTURE, LIBERAL ARTS AND SCIENCES, AND INFORMATION AND LIBRARY SCIENCES (GRADUATE LEVEL ONLY). (SEE CONTINUATION IN SCHEDULE O)

Program 2

Expenses: $38,199,535 Revenue: $0

ACADEMIC SUPPORT: THE INSTITUTE PROVIDES FINANCIAL SUPPORT IN THE FORM OF SCHOLARSHIPS TO OVER 80% OF STUDENTS. THIS ASSISTANCE IS VITAL TO FOSTERING THE UNIQUE ABILITIES OF THE TALENTED INDIVIDUALS ENROLLED AT PRATT, THE MAJORITY OF WHOM WOULD OTHERWISE BE UNABLE TO BENEFIT FROM THE WORLD-CLASS, CUTTING EDGE EDUCATION THE INSTITUTE OFFERS. (SEE CONTINUATION IN SCHEDULE O)

Program 3

Expenses: $29,948,727 Revenue: $25,000,175

AUXILIARY ENTERPRISES: THE INSTITUTE MANAGES AND MAINTAINS MULTIPLE RESIDENCE HALLS WHICH PROVIDE HOUSING FOR PRATT STUDENTS. AUXILIARY ENTERPRISES ALSO INCLUDE MANAGEMENT OF THE STUDENT MEAL PROGRAM AND ATHLETIC CENTER ACTIVITIES WHICH ARE PRIMARILY MAINTAINED FOR THE USE AND CONVENIENCE OF STUDENTS, FACULTY AND STAFF.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $14,679,954

Program Service Revenue $313,117,665

Investment Income $68,415,148

Other Revenue $1,869,131

TOTAL REVENUE $398,081,898

Expense Breakdown

Grants Paid $82,677,299

Salaries & Benefits $168,652,558

Fundraising Expenses $3,656,394

Program Expenses $284,931,486

Other Expenses $84,209,591

TOTAL EXPENSES $335,539,448

Year-over-Year Comparison

	2023	2022	Change
Revenue	$398,081,898	$337,685,018	+0.2%
Expenses	$335,539,448	$322,568,276	+0.0%
Net Income	$62,542,450	$15,116,742	+3.1%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

4548

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,840,257

Total Directors

$1,308,812

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
FRANCES BRONET	PRESIDENT AND TRUSTEE	35.00	Officer Director	$955,807	$69,192	$1,024,999
ALEX LIEBERGESELL	FACULTY TRUSTEE (AS OF 07/2023)	5.00	Director	$117,694	$20,243	$137,937
KARIN TEHVE	FACULTY TRUSTEE (AS OF 07/2023)	5.00	Director	$116,102	$21,543	$137,645
BRYNN ANDERSON	RECENT GRAD. TRUSTEE (AS OF 07/2023)	5.00	Director	$0	$0	$0
LUCY PIDCOCK	GRAD. STUD. TRUSTEE (AS OF 07/2023)	5.00	Director	$0	$0	$0
AVA SCOTT	RECENT GRAD. TRUSTEE	5.00	Director	$0	$0	$0
ADEM WIJEWICKREMA	UNDERGR. STUD. TRUS. (AS OF 07/2023)	5.00	Director	$8,231	$0	$8,231
GARY S HATTEM	CHAIR OF BOARD	5.00	Officer Director	$0	$0	$0
MIKE PRATT	VICE CHAIR OF THE BOARD	5.00	Officer Director	$0	$0	$0
ANNE E EDWARDS	SECRETARY	5.00	Officer Director	$0	$0	$0
HOWARD S STEIN	TREASURER	5.00	Officer Director	$0	$0	$0
DERRICK ADAMS	TRUSTEE	5.00	Director	$0	$0	$0
KATHRYN C CHENAULT	TRUSTEE	5.00	Director	$0	$0	$0
DR JOAN FALLON	TRUSTEE	5.00	Director	$0	$0	$0
SHARON GAUCI	TRUSTEE	5.00	Director	$0	$0	$0
BRUCE J GILTIN	TRUSTEE	5.00	Director	$0	$0	$0
WILLIAM HILSON	TRUSTEE	5.00	Director	$0	$0	$0
DAVID KIM	TRUSTEE	5.00	Director	$0	$0	$0
KATHARINE L MCKENNA	TRUSTEE	5.00	Director	$0	$0	$0
DAVID O PRATT	TRUSTEE	5.00	Director	$0	$0	$0
MARK D STUMER	TRUSTEE	5.00	Director	$0	$0	$0
ANNE H VAN INGEN	TRUSTEE	5.00	Director	$0	$0	$0
MICHAEL ZETLIN	TRUSTEE	5.00	Director	$0	$0	$0
CATHLEEN M KENNY	VP FOR FINANCE AND ADMINISTRATION	35.00	Officer	$367,720	$61,546	$429,266
DONNA HEILAND	PROVOST	35.00	Officer	$351,909	$34,083	$385,992
ANITA COONEY	DEAN - SCHOOL OF DESIGN	35.00	Highest	$255,654	$62,365	$318,019
JOSEPH M HEMWAY	VP OF IT & CIO	35.00	Highest	$276,784	$31,090	$307,874
JESSICA TALLMAN	INTERIM VP FOR INSTITUTIONAL ADV.	35.00	Highest	$289,362	$35,371	$324,733
RICHARD LONGO	VP FOR ENROLLMENT MANAGEMENT	35.00	Highest	$292,057	$59,817	$351,874
DAPHNE R HALPERN	VP OF INSTITU. ADV. (THRU 05/2023)	0.00	Highest	$290,184	$11,082	$301,266
MARIA SIEIRA	FORMER FACULTY TRUSTEE	0.00		$98,655	$5,698	$104,353
FARZAM YAZDANSETA	FORMER FACULTY TRUSTEE	0.00		$118,269	$53,506	$171,775
KIRK E PILLOW	FORMER PROVOST	0.00		$195,089	$53,042	$248,131

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	$398,081,898	$335,539,448	$797,600,847	$62,542,450
2023	$337,685,018	$322,568,276	$747,993,021	$15,116,742
2022	$327,213,974	$300,881,089	$719,648,583	$26,332,885
2021	$241,236,103	$246,568,890	$755,027,216	$-5,332,787
2020	$285,423,262	$278,924,366	$710,606,804	$6,498,896
2019	$296,432,262	$270,527,701	$705,331,204	$25,904,561
2018	$271,536,991	$256,346,094	$675,447,195	$15,190,897